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Posted To: MND NewsWireNew home sales surged in April after a disappointing report in March. The Census Bureau and the Department of Housing and Urban Development said today that sales were at a seasonally adjusted annual rate of 619,000, an increase of 16.6 percent from the previous month and 23.8 percent higher than in April 2015. That said, it should be noted that this report has a notoriously high margin of error, with this month's ringing in at 15.4 percent. Sales in March were also higher than earlier reported . Last month's report had those sales down from February by 1.5 percent to a seasonally an annual rate of 511,000. That number has now been revised to 531,000. On a non-seasonally adjusted basis there were 61,000 newly adjusted homes sold during the month. In March sales totaled 50,000. At the end of...(read more)
Posted To: MND NewsWireCoreLogic has looked at an apparent contradiction in purchase loan originations that has emerged since the housing bubble burst. Why, CoreLogic economist Archana Pradhan asks in an article in the company's Market Trends blog, if credit standards have tightened do we also see a drop in loan denial rates? Single-family purchase loan applications numbered 4.6 million in 2014. While this is up from the 3.6 million that set a decade-long low in 2011, it is down 60 percent from the 11.7 million applications submitted in 2005. Similarly, there were 7.4 million single-family purchase loans originated in 2005 and that dropped to 3.2 million by 2014. The denial rate for purchase applications, peaked at 18.7 percent in 2007 but was at 13.2 percent in 2014. If credit standards are relatively tight today...(read more)
Posted To: Pipeline PressWhat do banks have that non-bank residential lenders don’t? The fifth annual “State of Financial Marketing” survey conducted by The Financial Brand found the top products that banks most heavily market are mortgage loans and refinancing (64%), mobile banking solutions (61%), home equity loans and lines of credit (43%), credit cards (42%), and auto loans and refinancing (42%). Larger banks have been pumping up their customer's awareness of mobile wallets and peer-to-peer services. For those who follow mortgage changes overseas, here is some news that an Anglophile sent along regarding, "News from across The Pond you might find interesting: a 0% deposit mortgage . There's been a bit of a backlash, both from a bubble/risk standpoint and from a social standpoint, i.e. it only...(read more)